The Financial Ombudsman Service – Good or Bad???

Question

In 2001, my brother and I submitted 5 complaints to the FOS…

Reason - A U.K Bank had lied to us about documents going missing in the Post, had changed the amount of a Loan application without our authority & closed down our business account because we had complained about them…

Whilst considering our complaints, the FOS re-wrote the first complaint and then deemed all of the complaints outside of their jurisdiction – Basically, they didn’t want to touch our complaints with a barge pole = Very Bad & Long (almost 7 months) Experience!

In 2001, under the DPA1998, we obtained a copy of the Banks records, which show that the Bank provided lies in its letter of 'Deadlock'.

We provided a copy of the relevant records to the FOS during our complaints- The FOS ignored the records which proved our complaints.

The 'Banks Story' was just that - A story!

We will be providing the evidence back to the Bank next week via our MP

Answer 1

In effect, the Financial Ombudsman is part of "self regulation" by banks and insurance companies. The Ombudsman's method is to suss out the evidence and the power of people who feel aggrieved. Then he decides whether or not there could be harmful consequences for the banks or insurance companies involved. In that context, then, he sometimes does act for the benefit of aggrieved customers when he fears that (e.g.) there may be damaging publicity for banks or insurance companies.
P.S. We'd ALL like to have this privilege of "self regulation" [ being our own judge and jury - and avoiding being taken to court or punished.] Everybody should be treated alike, in keeping with the spirit of the documents which are the crux of the British Constitution? Perhaps, the "answer" is to promote THE PRINCIPLE OF UNIVERSALITY - i.e., no one-sided privileges [no double standards: applying to ourselves the same standards that we apply to other people].

Answer 2

The FOS is an impartial body although they tend to place the burden of proof very much on the financial organisation rather than the individual making the complaint. The Case Officer will have looked at your complaint and at the bank's explanation. He obviously thought that the bank's story was better than yours.

When someone arbitrates in a dispute, it's always disappointing if they don't accept your version of events. However, someone's got to lose. At least with the FOS it hasn't cost you anything. If you'd taken the bank to court, you'd now be saddled with both lots of costs.

The law makes it very clear what the FOS can and can't do. They can require a bank to treat you fairly, but they can't insist the bank treats you politely. If the bank decides they don't want you as a customer, that's a commercial decision and not something the FOS can adjudicate on.

Answer 3

Well I have my own experiences of dealt with them, frankly I would rather deal with a rattlesnake as at leat you know what to expect with them. Anyway we all have opinions so pleased do take mine.

If you have doubts about the Financial Services Ombudsman please do a web search for Anthony Spieght QC and one for Jane Saunders Whistle Blower and follow the links. You should [e-mail] enough information that indicates the urgent need for reform as they are accountable to none and therefore continue to abuse a person's Human Rights

Answer 4

There are 2 possibilities: the issue you had is exterior their jurisdiction, or there is political impact further to bear. in the 1st subject you should marshall information and visit County court. in the 2d -- what occurred to the victims of the criminal Lloyd's conspiracy and fraud with the subsequent complicity of the government -- in basic terms clever use of the insolvency regulations (or absconding from Britain and utilizing the U. S. financial ruin regulations) would desire to help.

Answer 5

Excellent; We had a mis-sold endowment mortgage that would have ended up with a substantial shortfall. FOS cut through all the clutter, found in our favour, and we consequently received sufficient compensation to sort the whole thing out.

Answer 6

I have never heard of this company, but it sounds like they should be investigated. Do what you can because they will go after more people.